In June 1960, the price of gasoline in the Midwest was $0.169 per gallon and the CPI was 29.6 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $0.05 per gallon
B) $0.057 per gallon
C) $0.169 per gallon
D) $0.571 per gallon
E) $0.296 per gallon
D
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What will be an ideal response?
The following condition describes the economic term “scarcity”:
a. The number of rental cars available at the airport b. The quality of the air that we breathe c. The time it takes to learn a new skill d. Global oil reserves are limited.
For the purposes of GDP accounting, government purchases include:
A. the purchases of new military equipment. B. Social Security payments. C. direct transfer payments by the government to other individuals. D. welfare payments.
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A. consumer income will result in a 2% decrease in the demand for good A. B. the market price of good A will result in a 8% increase in the quantity demanded of good A. C. consumer income will result in a 2% increase in the demand for good A. D. the market price of good A will result in a 8% decrease in the quantity demanded of good A.